Binance Reveals Its Blockchain Project for New Crypto Exchange

The giant crypto exchange Binance have made an attractive announcement on 13 March 2018. The platform revealed that is going to set up a public blockchain in order to design a new decentralized trading platform.

Binance Chain will become the new blockchain-based platform

The platform has announced that plans to turn “the company into a community” through their new project. Thus, the platform wants to lay the foundations for a Binance Chain, which is going to be used later to realize transactions of blockchain assets.

ERC-20 will probably be switched

Binance also revealed that is going to change the currency widely known as BNB in its own which will operate on the native blockchain. Currently, the platform operates with the ERC- 20 token. However, it’s still unknown whether ERC- 20 token owners will benefit from an equivalent conversion.

The new token will be thus, the main digital asset of the new blockchain-based exchange.

We believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”

First- a bounty project, Then- a blockchain-based crypto exchange

The announcement that many users probably enjoyed was made immediately one day later after Binance made public about a bounty project. This aims to reward users who reveal useful details in order to trap potential hackers who will try to evade funds from the company’s wallets. On 11th March 2018, they have announced that will remunerate with $ 250,000 the first person which help the platform put into jail the hackers involved in the incident held on 7th March 2018.

According to CoinMarketCap, the value for the BNB token has increased by 20% after the news was made public. At the time this article was written, 1 BNB is trading at $ 9.98.

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